(Photo by Spencer Platt/Getty Images)
The market, as I have noted before, is a small miracle. All these people come together — sellers, buyers, go-betweens — with different preferences, needs and resources, and they manage to come up with a price. The market clears, and everyone is better off.
But not always. When a market fails, it is tempting for public officials to intervene with a policy to fix it. Sometimes these interventions work. Often they make the problem they are trying to solve worse — or create new ones. New York City Mayor Zohran Mamdani’s plan for government-run grocery stores, five of which are scheduled to open in 2029, falls into the latter category.
Continue reading the entire piece here at Bloomberg (Paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute, a contributing editor of City Journal.